All articles tagged with #sports finance
The Chicago Bears are valued at nearly $9 billion following a record-setting sale of a 2.35% stake to existing owners, with the team now ranked as the seventh most valuable NFL franchise. The sale, which involved the estate of former owner Andrew McKenna, reflects the team's rising valuation and ongoing efforts to explore new stadium options, including a potential new stadium in Arlington Heights.
Every July 1 until 2035, Bobby Bonilla receives over $1.19 million from the Mets due to a deferred payment agreement made in 2000, highlighting MLB's unique salary structures and deferred payment practices, with Bonilla's deal being one of the most notable examples.
White Sox owner Jerry Reinsdorf is seeking to create a taxing district to capture $400 million in state sales tax revenue to help fund the proposed new stadium at The 78, with the bonds backed by the existing statewide 2% hotel tax. Critics question the need for public financing of a $2 billion sports franchise's new stadium, especially given the pressing issues facing the city and state, and urge lawmakers and the governor to prioritize taxpayers' needs over subsidizing the stadium.
A record 67.8 million Americans are expected to bet $23.1 billion on Super Bowl 58, with the IRS expecting a cut of any winnings. All winnings must be reported for tax purposes, and it may be possible to deduct losses, but only up to the amount of winnings. Professional gamblers face different tax rules, and currently, 38 states and Washington, D.C., have legal sports betting markets.
The SEC will distribute a total of $741 million to its 14 member universities for the 2022-23 fiscal year, amounting to about $51.3 million per school, with an increase of $19.2 million from the previous year. The revenue, primarily generated from television agreements and postseason events, aims to support student-athletes across various programs. The SEC's revenue is expected to grow further with a new TV package and a 12-team playoff, although it still lags behind the Big Ten in terms of distribution and TV rights.